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Last updated: April 12, 2024

Outstanding Canada Emergency Business Account (CEBA) loans have converted to interest-bearing loans at 5% interest per annum. The deadlines for partial loan forgiveness have passed.

Please visit the Government of Canada’s website for the CEBA program to learn more.

We will automatically debit the interest-only monthly payments required by the CEBA program at the end of each month. However, we encourage you to log into Online Banking to send us a message or to phone us at 1.888.517.7000 (option 3 for Business) to set up additional repayments, so that you will be able to pay down the loan principal prior to the final repayment date on December 31, 2026.

CEBA Program Overview

The CEBA program provided a loan of up to $60,000 to eligible businesses affected by COVID-19 to help cover non-deferrable operating costs.

Terms for loans repaid after the partial forgiveness deadlines:

  • The final repayment date for the loan is December 31, 2026.
  • Interest-only payments are required between January 19, 2024 and November 30, 2026.
  • Principal payments are not required until the final repayment date.
  • Interest rate:  5% per year.

For more details on the CEBA loan, please visit the Government of Canada’s CEBA program website.

Loan Repayment

To set up payments beyond the required interest-only monthly payment, or to pay off your CEBA loan, please contact your Coast Capital Small Business Relationship Manager or the Business Advice Centre at or 1.888.517.7000, option 3 (toll-free in North America).

Frequently Asked Questions

Up to January 18, 2024, the interest rate was 0%. On January 19, 2024, interest began accruing on the balance of the loan at the rate of 5% per year, payable monthly on the last day of each month.

We are required to debit interest-only payments from your account each month. We will automatically deduct these payments on the last day of each month from the chequing account associated with your CEBA loan.

Principal repayment is not required until December 31, 2026, at which time you must repay your CEBA loan in full.

To ensure that the final CEBA loan payment is manageable for your business, we encourage you to contact Coast Capital now to set up additional payments towards principal.

To be eligible for partial forgiveness, the full amount of the CEBA loan, minus the partial forgiveness, must have been repaid by January 18, 2024 (March 28, 2024 if you applied for a Coast Capital loan to refinance your CEBA loan by January 18, 2024). If you have a CEBA loan with any outstanding funds, your loan is not eligible for partial loan forgiveness.

We have contacted you to request a lump sum repayment of the outstanding debt. If you do not fully repay your CEBA loan to Coast Capital, we are required to assign your loan to the government’s CEBA program for collection efforts. The CEBA program will contact you directly to establish a payment arrangement/repayment plan tailored to your ability to repay.

Please visit, the Government of Canada’s website for the CEBA program, to learn more.